A Return to A Debt Free Mission

Exerbusi2

@Jonjamie1970 - I can't extend the 0% period on my Tesco CC, and I can't extend the limit yet. I have only had the card since November, and they only review after a year. I don't mind so much though - it means I have a specific target to hit, and I work better with targets!

Todays Update...

I have had a long-running dispute with Orange over money they owed. After speaking to the call centre 4 seperate times, I eventually spoke to a lovely woman called Vicky who has sorted it out. Long story short, I have £69.60 being returned to me for my next bill, meaning I won't have a phone bill next month, and the one after will be much reduced!

This extra money will be used towards my CC debt, with the major financial target for me being the removal of this debt as soon as possible.

I am still awaiting 3 payments into the account this month, which will leave me around £900 better off, but life is more expensive now I am going to be living in a more expensive place. This £900 will quickly be eaten up with a deposit and rent payments. I have £300 tied up in a deposit fund though, meaning when I get that back I can put it all straight onto the CC (and plug any gaps in my savings that I might have made with the move).

That said, I take delivery of my bike on Saturday, which I am hoping will reduce my fuel expenditure to less than £30 per week, which would be a massive boost to my finances. Additionally it is my birthday this month, and I will probably ask for money rather than presents as it will be more useful with a house move coming up!

jonjamie1970

Good luck with the whole house move thing, make sure you keep and eye on the new bills that will be coming in, I made this mistake in 2009 when I rented a huge house that was part funded by my company.....the wife "wanted it" , I discussed utility bills with the owners but I had massive bills coming in which went someway to putting me in the trouble I am in now. I was using a tank of heating oil evry 2/3 months at 1500 litres and 80p a litre, also the electric flooring was horrific and my bill from Scottish Power was £200 a month, needless to say I have just finished payign that off now and I moved out in October, dark times. We had heating on only in a few rooms and sat with blankets to keep warm !

Anyway rambling again, just saying make sure you know what the bill are goign to come in at, I detect your not your usual positive self and maybe due to some anxiety about moving and not paying as larger chunks as you were, however its still going in the right direction mate !!

Exerbusi2

Thanks for the advice - I have made my peace with the fact that this one will be mroe expensive on the bills - it was a concern, but I think we can work around it. We are lucky int he sense that we are moving in during the warmer months, so hopefully we can stockpile some cash before the winter comes!

We have been healped out massively by family when it comes to buying baby stuff, so our expense on that front is minimal.

If I am coming across as not as positive, it is probably down to a worry over a family members health, but that all seems fine now, so I will be back to my usual self!

Exciting time this month, big move, new bike (which means cheaper transport), birthday, iPad 2, increased income and an opportunity to change the way I work - I have the opportunity to move part of my business under a brand wing, which will bring me increased income potential!

Big target ahead - removal of the CC by June. That is my focus now!

jonjamie1970

Hows it going Exerbusi ? Whens the house move ?

Exerbusi2

Hi mate - back after a manic few days (house move, charity event, birthday etc etc)

Todays Update

I have been away for a few days, and life has been expensive. I have moved house, meaning I have paid out around £1000 more than I usually would during a month as I have had to pay up front for certain things. I have made a few savings though....

My broadband price has come down, meaning I am saving there.
I have bought a bike, meaning my fuel costs will go down.
I am more centrally located to lots of my clients, meaning my travel costs will go down when I do drive.

Additionally, I have taken on a couple (possibly 3) new clients, which is worth around £50-£70 per week extra to me, which is a fantastic bonus! I will update in more depth when I can, but for now although in the short term life has been expensive, it will be cheaper in the long run!

Exerbusi2

I'm back!

After a manic few weeks, involving a house move, lots of travelling, lots of working I have finally managed to get a short while to post my updates!

Despite my absence from the forums, my focus hasn't slipped from my mission. I changed my strategy slightly, and put all of my focus onto clearing my credit card debt. I wanted to be free of CC debt for the birth of our baby in July. I used some of my savings, and I really threw myself into work. The result has been fantastic......

I HAVE CLEARED EVERY SINGLE PENNY OF MY CREDIT CARD DEBT!!!

It feels fantastic, and brings my net debt to £3060 - meaning I have paid off 54.3% of my debt since 4th of Feb - just seeing that actually shocks me and makes me feel really happy! for some reason I had it in my head that I started paying it off in November, but early Feb is even better!

On the work front, things are fantastic. I have taken on a few new clients, and that has given me the scope to throw more money at the debt repayment. The bad news is that my savings have gone from £2000 to £600, but now I don't have to pay £500 per month off a credit card, I can quickly build my savings back (hopefully).

I want to save as much money as I can, but I still have £3600 on a flexi loan that I pay back at £250 per month. The plan is to up my repayments to £250-£350 (the more I can afford, the better), but I don't have a 100% clear picture of how my finances are going to be when the baby arrives.

My attitude to debt repayments has been big hits, often, rather than small steady repayments. It has worked well for me, but then I have the benefit of being paid at different times of the month. Using my approach, it will probably be wise for me to pay off as much as I can before baby comes!

The last thing I want to tidy up in terms of my debts is my overdraft. In uni I had an overdraft of £1500. I now have that down to £700, but unfortunately I have had a poor attitude to it in the past, and treated it like my own money - going into it every month, without fail.

This month I intend to try and get rid of most of it. I will keep £100 of it, as a cushion, but removal of the other £600 will mean that every month I will have a bank account that will read in the black. A few weeks back I mentioned tha on my Internet banking screen I wanted to see more 'C's' than 'D's' next to my accounts - I now have 4 of the 5 accounts showing a C next to them, and it feels brilliant!

The mission isn't over yet though - I still have a loan to attack, and that now has my focus, along with the rebuilding of my savings account!

Hope all is well with you all.

Exerbusi2

I jus checked my original target, and it was to have my CC debt down to £1500 by July - I am so chuffed that I smashed that, and I didn't even remember the original! The thought of still having that debt there now, knowing what I do makes me feel angry I was so weak with my initial target setting.

jonjamie1970

Exerbusi2 wrote: »

I jus checked my original target, and it was to have my CC debt down to £1500 by July - I am so chuffed that I smashed that, and I didn't even remember the original! The thought of still having that debt there now, knowing what I do makes me feel angry I was so weak with my initial target setting.

Welcome back, I was wondering how youi were getting on !

Targets are meant to be broken so dont feel bad, better to set it easier than to miss it and feel bad. Youve done a great job and it has made me feel guilty I have been less succesfull. A holiday with my children meant I spent more than I should £450 but I obviously dont regret that. I get paid Monday so may chuck some cash and close one of my bank accounts with the overdraft.

Just reasses your goals and start from the lower base !!!

rdchick

Just read your thread and it sounds fantastic what you've done, well done you!!
Also congrats on the new house, girl and baby wooo talk about major life change for the better!!
Keep chipping (or chunking in your case!) away at your debt and you'll soon be there!!
Well done again!!

Exerbusi2

Thanks guys! JJ - don't worry about the holiday, we had one too. You still have to live a life when paying off your debts. All work and no play and all that. When you get paid closing an accoun will be brilliant.

Rdchick - I chose to pay off the debt in big chunks as it means every time I make a repayment I feel as though I have taken a big chunk out of the debt. If I did it in small drips I wouldn't feel as though I was doing much. Although that wouldn't be the case in reality, it would make a difference as to how I was approaching things.

Tomorrow I have 2 payments coming in, which hopefully should see me closing the overdraft. As it stands right now I am well in credit, but have a couple of big bills going out so that might make a difference. Best see how I go over the weekend, although with only work and a bike ride planned it should be a cheap one!